this is the presentation out of city today to city clients trading at fx. down.ver it the gift that keeps on giving. here he is again. >> interesting. closer says europe is slowly making progress but it should not be your beacon of hope in 2014. .is book he got his start on wall street josh, welcome back. >> thanks for having me. all be thatnnot bad? class ethic think it has problems. the banking union is one of the big stories we will watch in 2014. we will move to a single supervisory mechanism. the problem is the banks still have a lot of troubled asset. there is little by way of resolution funds. about 50 billion resolution funds. you will have a lot of uncertainty as the stress tests comes out. moving toward the risk of deflation. address not a way to that if the ecb continues to push against the issue of qa. >> that is not a new concern. the deflation issue is out there. >> but now we have assets being moves. we do not have banks increasing provision, and we will have a tough year in the banking sector, still too integrated. i spoke to a european bank